Trump to Impose Steel, Chip Import Tariffs Starting Next Week

President Donald Trump on Friday said he would set tariffs on imports of steel next week and on semiconductor chips the following week.

"I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska.

He said the rates would be lower at the start to allow companies to come and build up domestic manufacturing, rising later. He gave no exact rates.